Ropes & Gray Advises ACORE Capital on Raising $1 Billion for North American Hospitality Rescue Capital Investments

Ropes & Gray advised ACORE Capital, LP (“ACORE”), one of the largest global credit managers focused exclusively on commercial real estate lending, on raising $1 billion to launch ACORE Hospitality Partners (“AHP”). AHP is an investment strategy backed by a group of institutions, which is focused on providing North American hotel operators with rescue capital to navigate the ongoing COVID-19 pandemic. AHP announced its launch on Feb. 16.

AHP’s strategy is to originate and acquire structured hotel debt investments including senior and mezzanine loans, B-notes and preferred equity. AHP will invest across the entire spectrum of hotel types, ranging from high-end luxury resorts to smaller limited-service hotels, focusing on assets in high-barrier markets and compelling rebound characteristics.

Ropes & Gray asset management partner Katie Waite and tax partner Adam Greenwood co-led the team advising AHP, which included asset management senior counsel Jessica O'Mary, real estate partner Walter McCabe, tax partner Kristen Chang Winckler, real estate associate Ryan Duerring, and tax associates Kathryn Seevers and Daniel Rockower.